Schemer Gets 7 Years For $60M Fraud Victimizing Verizon Unit

Law360, New York (June 11, 2012, 4:49 PM EDT) -- A Dallas man was sentenced Friday to seven years in prison after a Texas federal jury convicted him in October for his role in a $60 million scam targeting Verizon Communications Inc. unit MCI and London-based telecommunications company BT Group PLC.

U.S. District Judge Jorge A. Solis also ordered Michael Signoretto, 73, to pay a portion of some $63 million in restitution for his participation in the scheme. He and several co-conspirators plotted to manipulate their purchase of bandwidth from the two companies, pushing their company,...